Johnson & Johnson vs Pfizer
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The short version
- Johnson & Johnson is the larger business, with $94.2B of revenue in fiscal 2025 against $62.6B for Pfizer, about 1.5 times as much.
- Johnson & Johnson grew revenue faster (6.1%, against −1.7%).
- Johnson & Johnson turned more of its sales into free cash flow (20.9% FCF margin, against 14.5%).
- Johnson & Johnson earned a higher return on the capital invested in it (28.6%, against 7.3%).
- Investors pay more for each dollar of Johnson & Johnson’s earnings: a P/E of 40.0x against 39.5x for Pfizer.
| Latest fiscal year | JNJ · FY25 | PFE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $646.0B | $171.1B |
| Revenue | $94.2B | $62.6B |
| Free cash flow | $19.7B | $9.1B |
| Net income | $26.8B | $7.8B |
| Growth | ||
| Revenue growth | 6.1% | −1.7% |
| 5-year growth | 2.7% | 8.5% |
| Share count change | 0.0% | 0.2% |
| Profitability | ||
| Gross margin | 67.9% | 74.3% |
| Operating margin | — | — |
| Net margin | 28.5% | 12.4% |
| FCF margin | 20.9% | 14.5% |
| Return on capital | 28.6% | 7.3% |
| Return on equity | 35.0% | 8.9% |
| Balance sheet | ||
| Net debt | $27.8B | $54.3B |
| Net debt / EBITDA | 0.7x | 3.2x |
| Dividends and buybacks | $18.3B | $9.8B |
| Valuation & quality | ||
| P/E | 40.0x | 39.5x |
| Piotroski F-score | 4 | 6 |
Revenue
FY16
JNJ $71.9B
PFE $52.8B
FY17
JNJ $76.5B
PFE $52.5B
FY18
JNJ $81.6B
PFE $40.8B
FY19
JNJ $82.1B
PFE $40.9B
FY20
JNJ $82.6B
PFE $41.7B
FY21
JNJ $78.7B
PFE $81.3B
FY22
JNJ $80.0B
PFE $101.2B
FY23
JNJ $85.2B
PFE $59.6B
FY24
JNJ $88.8B
PFE $63.6B
FY25
JNJ $94.2B
PFE $62.6B
JNJ
PFE
Operating margin
FY16
JNJ —
PFE —
FY17
JNJ —
PFE —
FY18
JNJ —
PFE —
FY19
JNJ —
PFE —
FY20
JNJ —
PFE —
FY21
JNJ —
PFE —
FY22
JNJ —
PFE —
FY23
JNJ —
PFE —
FY24
JNJ —
PFE —
FY25
JNJ —
PFE —
JNJ
PFE
Free cash flow
FY16
JNJ $15.5B
PFE $14.4B
FY17
JNJ $17.8B
PFE $14.8B
FY18
JNJ $18.5B
PFE $13.8B
FY19
JNJ $19.9B
PFE $10.5B
FY20
JNJ $20.2B
PFE $12.2B
FY21
JNJ $19.8B
PFE $29.9B
FY22
JNJ $17.2B
PFE $26.0B
FY23
JNJ $18.2B
PFE $4.8B
FY24
JNJ $19.8B
PFE $9.8B
FY25
JNJ $19.7B
PFE $9.1B
JNJ
PFE
Return on capital
FY16
JNJ 31.7%
PFE 11.0%
FY17
JNJ 14.1%
PFE 15.6%
FY18
JNJ 22.0%
PFE 5.4%
FY19
JNJ 22.2%
PFE 12.8%
FY20
JNJ 21.1%
PFE 9.9%
FY21
JNJ 24.0%
PFE 32.0%
FY22
JNJ 19.5%
PFE 32.0%
FY23
JNJ 16.5%
PFE 2.5%
FY24
JNJ 18.5%
PFE 7.6%
FY25
JNJ 28.6%
PFE 7.3%
JNJ
PFE
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.